OAKLAND — AC Transit has canceled plans for a July 1 bus fare increase, and may consider lowering its fares instead.

With bus system ridership and revenues on the increase, the AC Transit board voted unanimously Wednesday night to rescind a plan to raise the basic bus fare from $2.10 to $2.25 a ride, a 15 cent increase.

That increase was called for in a long-term fare plan adopted in mid-2011 when the district’s ridership finances and the East Bay economy were worse off.

“The biggest change is the economy has improved,” said AC Transit District spokesman Clarence Johnson.

Now the Alameda Contra Costa Transit District will continue an internal review of its fare structure to determine if a 10-cent fare rollback is warranted, said Johnson.